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Why choose a buyer agent?
A common misconception among buyers is - if I look at a house with the listing broker and I want to place an offer on that house, then the listing broker will act in my best interest and help me get the best deal.
Listing Brokers sometimes will work for the seller only and sometimes for both the buyer and the seller. Some sellers will not allow the listing broker to act as a disclosed dual agent. If agents are dual agents, their duties to both the seller and the buyer are limited. They CAN NOT disclose:
The willingness or ability of the seller to accept less than the asking price.
The willingness or the ability of the buyer to pay more then has been offered.
Confidential negotiating strategy not disclosed in the sales offer as terms of the sale.
The motivation of the seller for selling and the motivation of the buyer for buying.
Having a buyer agent work for you might be the best decision you make next to your decision to buy Real Estate. Most buyer agents do not charge a fee, but may ask for a retainer fee up front, but paid back to you at closing.
A Buyer Agent by definition means a brokerage agency that is engaged by and REPRESENTS the buyer in a real estate transaction. The key words are engaged and represents. If the buyer and agent are not engaged by a written contract than the agent does not represent the buyer and can not offer ANY advice. (Effective July 1, 2006)
A Real estate broker acting as a buyer agent has a responsibility to the buyer. The following link will explain in detail what they are.
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